DC Homes increase 7.25% over last year ...

DC Home Prices rise ahead of National Average

With interest rates rising, how much home are you losing by waiting?  Call me today to explore your options for home-ownership - whether you're a 1st time homebuyer or looking to move up - don't miss this opportunity.

Source:  Case Shiller Index

Mixed news ... Rates still very volatile

Economic data was plentiful today - first up was a reading on the rise in home prices across the nation. The Case-Shiller 20-City Home Price Index saw its largest monthly gain on record rising by 2.5% from March to April. Since April of 2012, prices rose by 12.1%, the fastest annual pace since 2006. San Francisco had the highest year-over-year gain of nearly 24%, New York was the lowest at 3.2%. The data is from April and it remains to be seen if price appreciation can continue as home loan rates have risen to the mid-4s.

The good news for housing continued this morning as the Commerce Department reported that New Home Sales rose by 2.1% in May from April to 476,000 units, the highest level since July of 2008. The 476,000 was above the expectation of 460,000. Since last year this time, sales are up nearly 29%. The recovery is largely due to low home loan rates, which have increased in the past month.

The Conference Board reported this morning that its Consumer Confidence Index rose in June to 81.4, up from 74.3 in May. The Conference Board said that the index has risen for the third consecutive month and is at its highest level since January of 2008. Consumer Confidence measures how optimistic or pessimistic consumers are with respect to the economy in the near future.

Anything but rates ... Let's talk Twinkies and Eating Out

This week's been horrible for mortgage rates - BUT - THEY'RE STILL AT HISTORIC LOWS!

Not much news today ...

There are no economic reports due for release today, but the big event will be the Federal Reserve's monetary policy statement that is set to be delivered at 2:00pm ET today. There will be no change interest rates as the benchmark Fed Funds Rate will remain at 0.25%. The markets will be looking for any hints on the current Bond purchase program that has been enacted by the Federal Reserve in an effort to keep interest rates low, spur on the economy and to promote job growth.

Over in the mortgage banking sector, the Mortgage Bankers Association reported today that its Market Composite Index, a measure of loan application volume, fell 3.3% in the latest week as home loan rates inched higher. Both the refinance and the purchase index fell by 3%. The ultra low home loan rates that were seen in the past year are now at their highest levels since the fall of 2011.

Gas prices at the pump across the nation averaged $3.60 in the latest survey falling by 2 cents in the past week as some refining issues in the Great Lakes regions have been cleared up. Analysts do see prices falling in the coming weeks led steady oil prices and a decline demand by consumers.

Stock markets opens sharply higher ...

The Stock markets begin the week sharply higher ahead of this week's big event, the 2-day Federal Open Market Committee meeting. The meeting will begin on Tuesday morning and will end with a monetary policy statement being delivered at 2:00pm ET on Wednesday. The meeting will be followed by a press conference by Fed Chairman Ben Bernanke at 2:30pm ET and he may calm the fears of tapering the current Bond purchase program.

In economic news, the New York State Empire Manufacturing Index unexpectedly jumpd by 7.84 point in May from the -1.4 reading registered in April. However, most of the components within the survey fell - new orders, shipments and the employment number. The optimism index for a six month outlook, also fell, suggesting that future conditions are weakening further.

The National Association of Home Builders (NAHB) reported today that it's Housing Market Index rose to 52 in June from 44 in May and above the 45 that was expected. It was the largest one month gain since August and September of 2002 and the best reading since April of 2006. The NAHB said that home builders "are experieincing some relief in the headwinds that are holding back a more robust recovery." The NAHB went on to say that with the low inventory of existiong homes, potential buyers are seeking out new homes.

Unemployment claims fall - job market improves ...

Americans filing for first time unemployment benefits fell in the latest week as the lob markets continues to improve. The Labor Department reported this morning that Weekly Initial Jobless Claims fell by 12K in the latest week to 334K, below the 345K expected and the lowest level since early May. The 4-week moving average, which smoothes out any seasonal abnormalities, fell 7,250 to 345,250.

Consumers opened their wallets in May as Retail Sales rose at the fastest pace, 0.6% versus the 0.3% expected, in three months led by demand for autos, which usually make up about one-fifth of sales each month. Sales fell in electronics, clothes, appliances, home furnishings and bars and restaurants.

Over in housing news, RealtyTrac reported today that foreclosures rose by 2% in May from April, but the good news is that foreclosures have fallen 28% from May of 2012. Foreclosure starts also rose in May by 4%, but are down 33% from a year ago.

Dangerous Storms - 7 Ways to Prepare Now (courtesy Fairfax County Emergency Blog)

Potentially Dangerous Storms Loom for Thursday; 7 Ways to Prepare Now

Posted from Fairfax County Emergency Blog

Potentially dangerous thunderstorms are possible in our area Thursday. The National Weather Service is calling for possible heavy rains, flooding, tornadoes and strong winds that could pose numerous challenges.

Take this threat seriously. While nothing like the wrath of last year’s derecho storm is predicted at this time, this line of storms may cause more havoc than a usual summer thunderstorm. There are a few things you can do today and this evening to prepare:

1.) Secure Loose Items

Bring in or secure any loose items outside your house or on your condo balcony. High winds could cause those objects to fly around and injure people or damage property.

2.) Storm Drains

Check rain gutters and storm drains. We’ve had a lot of rain in recent days and with more on the way, flooding is possible, so make sure drains are clear.

3.) Digital Preparedness

Prepare digitally! Power outages are possible, so have your devices fully charged. Here are 10 more tips to help with digital preparedness.

4.) Power Outage Supplies

Have enough batteries, flashlights, radios and other things you may need for a power outage.

5.) Report Power Outages

Be ready to report power outages to your provider: Dominion Virginia Power 1-866-DOM-HELP (1-866-366-4357), TTY 711; NOVEC 1-888-335-0500 or 703-335-0500, TTY 711.

6.) Stay Alert and Informed

Weather forecasts can vary, so stay informed and keep an eye on changing weather conditions. Pay particular attention to tornado watches (conditions favorable) and warnings (tornado sighted, seek shelter).

• Sign up for our emergency text alerts/emails. If you live in the Huntington, Belle View and New Alexandria areas of the county, you should choose the “Riverwatch” group for information about possible flooding.
• Follow @fairfaxcounty on Twitter; use #ffxstorm to share what you’re seeing locally.
• This blog will have updates as events warrant, so if you’re not already subscribed by email or RSS, please do so by visiting the top right column of this page.
• Follow local media reports, credible social media accounts and other information sources for the latest alerts, warnings and protective actions.

7.) Share Information

Share this information with coworkers, neighbors, your faith community and more. Use the sharing tools below or print this information. Help someone, too, such as an elderly neighbor in securing loose items or checking storm drains.